The chancellor announced in his Autumn Statement that the government will invest £1.3 billion in HMRC's new quarterly reporting tax revolution.
SME Tax News
In his 2015 Autumn Statement the chancellor announced a new exemption from a loans to participators charge when loans are made by close companies to the trustees of charities.
HMRC has published a consultation, Cash, tax evasion and the hidden economy: a call for evidence, it is seeking the views of businesses and individuals on the role of cash in the economy.
The chancellor gave his Autumn Statement on 25 November 2015 together with his spending review. This is our summary of tax-related issues in his speech.
In Burgess & Anor v HMRC [2015] the Upper Tribunal (UT) found that HMRC had failed to discharge its burden of proof in making discovery assessments.
In The Queen on the application of Ralph Hely-Hutchinson v HMRC, a taxpayer was successful in judicial review over HMRC's tax treatment of his Mansworth v Jelly loss claims.
The government has set out the steps it will take to make it easier for authorities to identify the beneficial owners of corporate entities; these steps include changes to Company Law and Money Laundering regulations, and the creation of a publicly accessible central register.
In GDF Suez Teeside Ltd v HMRC [2015] TC04590 the FTT concluded that the company's accounts did not fairly represent its profits, despite them being prepared in accordance with GAAP.
In Nigel Barratt v HMRC [2015] TC04514 the first tier tribunal (FTT) once again found that HMRC's interpretation of reasonable excuse was 'inappropriate'.
HMRC have reported that an increasing number of errors are being made in inheritance tax reporting.